Gas Bridge SA signed an agreement to acquire Petro Rio SA’s 10% interest in the Petrobras-operated Manati gas-condensate field 10 km off Bahia, Brazil, in the Camamu basin.
Total transaction value is R$144.4 million and includes transfer of all PetroRio’s liabilities in the field, including its participation in abandonment. The deal comprises a fixed tranche of R$124.4 million and an earn-out of R$20 million, subject to certain subsequent field-related regulatory approvals.
The transaction depends on conditions precedent, one of which is a successful acquisition by Gas Bridge of Petrobras' Manati operation. Petrobras began the teaser stage of its sale of the Manati operation in over the summer (OGJ Online, June 2, 2020).
The field, in 35-50 m of water, is currently producing from six wells and one fixed platform PMNT‐1, from which gas and condensate are exported through a pipeline of 24-in. and 126 km to Estação Geofísico Vandemir Ferreira in São Francisco do Conde/BA
Effective date of sale is Dec. 31, 2020, and PetroRio will continue to be entitled to the field’s cash generation until such date.